Generally speaking it is no longer used as the parallels between feudal Europe (and even then, not really all of Europe) and Japan are more of a "eh close enough" than any really solid analagous concept. Yes, there are some parallels, such as the division of power away from the central government, and relationships between lords which served their lords and so on, as well as vassals, land, the flow of money/collecting money etc. In the context of pre-modern Japan, we should consider both before and after the establishment of the shogunate, as to my knowledge there is no real analagous counterpart to the office of the Shogun in most of European history. Even during the period where Japan was under de facto rule by the shogunate (and if you really wanted to draw the parallel with say some European king), there were all kinds of dynamics going on that aren't really clearly represented by the term 'feudal'. See these threads (1 and 2) for more on exploring the term 'feudalism'. I'd also like to draw attention to /u/TheGreenReaper7's answer in the first thread, specifically this part:

[It] is not that the word itself is useless, but that the technical legitimacy of the term has become so in medieval historiography. The term purported to represent a contemporary phenomena when in fact it didn't exist for large portions of the medieval period and, when it did, was only an unrepresentative slice of the whole.